The relentless heat might be terrifying for people but it has been warmly welcomed by the stock market with both the electricity and gas sectors doing well.
Many electricity stocks went limit-up yesterday, benefiting from a surge in demand.
The number of days exceeding 35 degrees Celsius in China is at its highest level since 1961. July 3 was the hottest day ever recorded worldwide. On July 4, the World Meteorological Organization welcomed El Niño back to the Pacific Ocean for the first time in seven years. That means things are getting even hotter.
Supply and demand of power are in a tight balance. In the face of unbearable heat, air conditioners are running around the clock. It is estimated that Chinese electricity consumption will increase by 6 percent in 2023 with the peak power load expected to reach 1.4 billion kilowatts.
